Profits rise for Bank of Greene County parent

Greene County Bancorp Inc. reported a 17 percent increase in net income for the first fiscal quarter.

The Catskill-based parent of The Bank of Greene County had net income for the three months ended Sept. 30 of $804,520, or 38 cents a diluted share. This compares to net income of $687,312, or 33 cents a diluted share, in the year-ago quarter.

The company said a 12.5 percent improvement in net interest income was the primary cause of the higher earnings.

Greene County Bancorp (Nasdaq: GCBC) ended the quarter with assets of $284.7 million, deposits of $244.8 million and loans of $155.1 million.